Analyzing Today’s Cryptocurrency Prices: Bitcoin, Ethereum, Binance Coin, XRP, SOL, ADA, Dogecoin, TON, Chainlink, and Avalanche.
Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, signifying that sentiment is positive and bulls have been persistent. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to increase in early 2024. The main catalysts for next year…
Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, signifying that sentiment is positive and bulls have been persistent. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to increase in early 2024.
The main catalysts for next year are the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, some of which have a deadline for a decision in January. With these two major events on the horizon, Bitcoin could find buyers on dips.
Analysts anticipate a retracement from $40,000 in the near future. This could be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold around 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, but it is worth noting that ARK still holds more than 4.3 million GBTC shares.
Could crypto traders bulldoze their way through the overhead resistance levels in Bitcoin and major altcoins such as Dogecoin, UST, AIOZ, and Audius? What are the important levels to watch out for?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls were able to break through the strong resistance of $37,980 on Nov. 24, but they are having difficulty maintaining the breakout. This indicates that the bears are actively defending the level.
Both moving averages are sloping upwards, and the relative strength index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers can keep the price above $37,980, the BTC/USDT pair could reach $40,000.
This level may see another intense battle between the bulls and the bears, but if the buyers can come out on top, the pair could skyrocket to $48,000. Time is running out for the bears. If they want to slow down the momentum, they will have to push the price below the 20-day EMA. The short-term trend will turn negative below $34,800.
Ether price analysis
The bulls pushed Ether (ETH) above the resistance line on Nov. 22, indicating the potential start of the next up-move. However, the bears tried to pull the price back below the resistance line on Nov. 23, but the bulls held their ground, suggesting that they are attempting to flip the resistance line into support. If successful, the ETH/USDT pair could begin a northward journey toward $2,200.
This level may act as a strong resistance, but if the bulls manage to break past it, the pair will form a large ascending triangle pattern. This could open the door for a potential rally to the pattern’s target of $3,400.
This bullish outlook could be invalidated in the near term if the price drops and falls below the key support at $1,900.
BNB price analysis
The aioz crypto BNB (BNB) made a jump above $235 on Nov. 22, but the bulls failed to push the price above the 20-day EMA ($239), which signals the bears are trying to take control.
The 20-day EMA has started to decline, and the RSI is hovering just below the midpoint, suggesting a minor advantage to the bears. A break and close below the crucial support at $223 could cause a bearish trend and a drop to $203.
If the bulls want to prevent the downside, they will have to push and maintain the price above the 20-day EMA. The BNB/USDT pair may then stay inside the large range between $223 and $265 for some time.
XRP price analysis
The bulls are attempting to push XRP (XRP) above the 20-day EMA ($0.62), indicating strong buying at lower levels.
The 20-day EMA has stabilized, and the RSI is close to the midpoint, indicating that the XRP/USDT pair may remain in a range between $0.56 and $0.74 in the short term.
If the price rises and holds above the 20-day EMA, the pair could gradually climb to $0.67 and then to $0.74. Buyers must surpass this resistance level to signal the start of a new uptrend.
Conversely, if the price turns down from the current level and falls below $0.56, it will indicate the beginning of a sharper correction to $0.46.
Solana price analysis
Solana (SOL) has been attempting to breach the $59 resistance for the past two days, yet the bears have remained resilient. A minor positive for the bulls is that the bears have not gained any ground.
The uptrend of the 20-day EMA ($52.80) and the RSI in the positive region show that bulls have the advantage. This increases the possibility of a surge above the overhead resistance. If successful, the SOL/USDT pair could reach $68.
On the contrary, if the price depreciates from its current level, the bears will try to drag the pair below the 20-day EMA. If they are successful, the pair may drop to $48, where buyers are likely to come in.
Cardano price analysis
Cardano (ADA) has been fluctuating above and below the $0.38 level in recent days, leaving traders uncertain of the next move. The positive RSI and the upsloping moving averages suggest that the bulls have a slight advantage. If ADA/USDT breaches the $0.40 level, it could indicate the start of a new uptrend towards $0.42 and then $0.46.
In order to discourage the bulls, the bears must push the price below $0.34. This could lead to a decline to the 50-day SMA ($0.31). The aioz crypto pair may then oscillate between $0.24 and $0.38 for some time.
Dogecoin price analysis
Dogecoin (DOGE) has been trading above the 20-day EMA ($0.08) for the past two days, but the ai doge rally lacks momentum. This indicates that bulls are cautious at higher levels.
Buyers will need to drive the price above $0.08 to demonstrate strength. The DOGE/USDT pair could then surge toward the target objective of $0.10. This level may again witness a tough battle between the bulls and the bears.
If the price turns down from $0.08, it will suggest that bears remain active at higher levels. The pair may then drop to the immediate support at $0.07. The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage to either the bulls or the bears.
Toncoin price analysis
Buyers are attempting to push Toncoin (TON) past the overhead resistance of $2.59, as the repeated tests of the resistance level tend to weaken it.
If bulls can drive and sustain the price above the $2.59 to $2.77 resistance zone, it will form a cup-and-handle pattern which could initiate a new uptrend to $3.28 and then to the pattern target of $4.03.
On the other hand, if the TON/USDT pair turns down from the overhead resistance, it will suggest that bears are strongly defending the level. This could lead to a decline to the 50-day SMA ($2.20). A breakdown below this level could cause a drop to $2 and then to $1.89.
Chainlink price analysis
The LINK/USDT pair is currently facing selling at the downtrend line, as indicated by the long wick on the Nov. 23 candlestick.
However, the bulls have not given up and have managed to push the price back up to the downtrend line. The price is now stuck between the downtrend line and the 61.8% Fibonacci retracement level of $12.83, creating a squeeze that could resolve with a sharp move in either direction.
If the price breaks out above the downtrend line, the LINK/USDT pair could climb to $16.60 and then to $18.30. On the other hand, if the price turns down and drops below $12.83, the decline could extend to the 50-day SMA ($11.21).
Avalanche price analysis
Avalanche (AVAX) has been facing resistance at $22, a critical level for the bulls to break. Bears will be looking to defend this level with great force.
However, if bulls are able to hold their ground, it will increase the chances of a successful break above $22. The pair could then rally to $25, where bears will likely be ready to oppose them.
On the other hand, the 20-day EMA ($18.40) remains the key support to watch. If the price turns lower and dips below this level, it will suggest the start of a deeper correction to $16. This will indicate that the AVAX/USDT pair may stay inside the large range between $10.50 and $22 for a while.